Hyderabad: Deccan Chronicle's Chairman Venkattram Reddy was arrested today by the Central Bureau of Investigation (CBI) on charges of bank fraud.
According to sources, a CBI team belonging to the Banking Security and Fraud Cell from Bangalore quizzed Venkattram Reddy on the fraud charges at the CBI local headquarters at Koti this afternoon.
In the evening, it formally arrested the DCHL chairman. He was then taken to Osmania General Hospital, later he was produced before a magistrate at his residence in Secunderabad.
Venkattram Reddy could be either sent to jail or the CBI could seek his custody.
Both DCHL and its chairman are facing several charges of fraud and criminal conspiracy filed by financial institutions from where the company took loans.
In 2013, the CBI registered a case under Section 120-B along with Section 420, 468 and 471 of the Indian Penal Code in a “fraud" perpetrated at Canara Bank's prime corporate branch, Secunderabad.
The CBI, in a release had said the case was also filed against DCHL vice-chairman, managing director and its auditors.
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